NACCO (NC) Insider: 1,232 Shares Awarded; Detailed Trustee Holdings Disclosed

Rhea-AI Filing Summary

Alfred M. Rankin et al filed a Form 4 reporting insider acquisitions in NACCO Industries, Inc. (NC). The filing shows a transaction dated 10/01/2025 in which 1,232 shares of Class A common stock were acquired as "Required Shares" under the companys Non-Employee Directors' Equity Compensation Plan. After the reported transaction, the filing lists 214,953 shares of Class A common stock as beneficially owned by the reporting person. The Form 4 also discloses derivative holdings that convert into Class A common stock, with post-transaction amounts of 2,000, 201,928, 25, 9,431, and 9,431 shares attributed to various trusts and partnership interests. The filing identifies the reporting persons roles as director, chairman, officer, trustee, and includes several trustee and partnership relationships used to explain indirect ownership and a disclaimer of beneficial ownership for certain trust-held shares.

Positive

• 1,232 Class A shares acquired as "Required Shares" under the Non-Employee Directors' Equity Compensation Plan
• 214,953 Class A shares reported beneficially owned by the reporting person following the transaction
• Detailed disclosure of indirect ownership via trusts, IRA, and limited partnerships provides clarity on legal ownership

Negative

• None.

Insights

Insider Transactions Analyst

TL;DR: Director received compensation shares and reported substantial direct and indirect Class A holdings.

The filing documents a director-level acquisition of 1,232 Class A shares on 10/01/2025 as required equity under the Non-Employee Directors' plan, increasing the reporting person's reported beneficial ownership to 214,953 Class A shares. Several derivative positions are reported with explicit post-transaction underlying Class A amounts, indicating layered ownership via trusts and partnerships.

This matters because the Form 4 provides a clear record of how equity compensation and legal ownership structures affect reported insider holdings, which investors use to track insider alignment with shareholder interests.

Corporate Governance Expert

TL;DR: Multiple trustee and partnership roles explain indirect holdings and a specific disclaimer of beneficial ownership.

The disclosure enumerates trustee roles, an IRA, and limited partnership interests to explain indirect beneficial ownership and includes an explicit disclaimer of beneficial ownership for shares held for another beneficiary. These legal relationships are documented in the explanation section and map each reported block of shares to a specific trust or entity.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

RANKIN ALFRED M ET AL

(Last) (First) (Middle)

NACCO INDUSTRIES, INC.

22901 MILLCREEK BLVD., SUITE 600

(Street)

CLEVELAND OH 44122

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NACCO INDUSTRIES INC [ NC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)	X	Other (specify below)
	Chairman		Group Member

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	10/01/2025		A(1)		1,232	A	(2)	214,953	I	AMR Main Trust(A)(3)
Class A Common Stock								14,160	I	AMR - IRA(4)
Class A Common Stock								1,975	I	AMR - RMI (Delaware)(5)
Class A Common Stock								2,044	I	AMR Associates NC, L.P.(6)
Class A Common Stock								10,110	I	BTR - Class A Trust
Class A Common Stock								34,936	I	VGR - Trust(7)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock	(2)							(2)	(2)	Class A Common Stock	2,000		2,000	I	AMR-RAI/B(8)
Class B Common Stock	(2)							(2)	(2)	Class A Common Stock	201,928		201,928	I	AMR Associates NC, L.P.(6)
Class B Common Stock	(2)							(2)	(2)	Class A Common Stock	25		25	I	AMR RAIV - GP
Class B Common Stock	(2)							(2)	(2)	Class A Common Stock	9,431		9,431	I	By Trust/Daughter 2(9)
Class B Common Stock	(2)							(2)	(2)	Class A Common Stock	9,431		9,431	I	By Trust/Daughter 1(10)

Explanation of Responses:

1. Shares of Class A Common Stock awarded to the Reporting Person as "Required Shares" under the company's Non-Employee Directors' Equity Compensation Plan.

2. N/A

3. Reporting Person serves as Trustee of a Trust for the benefit of Alfred M. Rankin, Jr.

4. Held in an Individual Retirement Account for the benefit of the Reporting Person.

5. Represents the Reporting Person's proportionate limited partnership interest in shares of Rankin Associates II, L.P. held by Rankin Management, Inc. ("RMI"), as general partner.

6. Represents the Reporting Person's proportionate limited partnership interest in shares held by AMR NC. The Reporting Person is the trustee of a trust for the benefit of the Reporting Person that is a limited partner of AMR NC.

7. Reporting Person serves as Trustee of a Trust for the benefit of Victoire G. Rankin. Reporting Person disclaims beneficial ownership of all such shares.

8. Represents the proportionate limited partnership interest in shares held by Rankin Associates I, L.P., which is held in a qualified annuity interest trust for the benefit of Reporting Person.

9. Reporting person serves as trustee of BTR 2012 GST for the benefit of Clara Williams.

10. Reporting person serves as trustee of BTR 2012 GST Trust for the benefit of Helen R. Butler.

	/s/ Matthew J. Dilluvio, attorney-in-fact	10/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What transaction is reported on the NC Form 4?

Acquisition of 1,232 Class A shares on 10/01/2025 awarded as Required Shares under the Non-Employee Directors' Equity Compensation Plan.

How many Class A shares does the reporting person beneficially own after the transaction?

214,953 Class A shares are listed as beneficially owned following the reported transaction.

Are any derivative securities disclosed in the filing for NC?

Yes. The filing lists derivative-related underlying Class A amounts of 2,000, 201,928, 25, 9,431, and 9,431 shares attributed to specific trusts and partnership interests.

What roles does the reporting person hold with respect to NACCO Industries?

Director, Chairman, and Officer; the filing also documents the reporting persons roles as trustee and limited partner for various entities.

Does the reporting person disclaim ownership of any shares?

Yes. The filing explicitly disclaims beneficial ownership for certain shares held in a trust for Victoire G. Rankin.